FUND PROFILE
 _________, 1999

T. Rowe Price Index Trust

Total Equity Market Index Fund

 A fund that seeks to match the performance of the Wilshire 5000 Equity Index, a
 broad index of common stocks.

 This profile summarizes key information about the fund that is included in the
 fund's prospectus. The fund's prospectus includes additional information about
 the fund, including a more detailed description of the risks associated with
 investing in the fund that you may want to consider before you invest. You may
 obtain the prospectus and other information about the fund at no cost by
 calling 1-XXX-XXX-XXXX, or by visiting our Web site at www.troweprice.com.

 What is the fund's objective?

   To match the performance of the entire U.S. stock market. We use the Wilshire
   5000 Equity Index to represent the market as a whole. Because the largest
   stocks carry the most weight in the index, large-capitalization stocks make
   up a substantial majority of the Wilshire 5000's value.

   The inclusion of a stock in the Wilshire index is in no way an endorsement by
   Wilshire Associates of the stock as an investment, nor is Wilshire a sponsor
   of the fund or in any way affiliated with it.


 What is the fund's principal investment strategy?

   The fund uses a sampling strategy, investing in a broad spectrum of small-,
   mid-, and large-capitalization stocks representative of the Wilshire 5000
   Index. The fund does not attempt to fully replicate the index by owning each
   of the
(LOGO)


   stocks in it. Despite its name, the Wilshire 5000 includes more than 7,000
   stocks.

   In an attempt to recreate the Wilshire index, we select stocks in terms of
   industry, size, and other characteristics. For example, if technology stocks
   made up 15% of the Wilshire index, the fund would invest about 15% of its
   assets in technology stocks with similar characteristics. Several factors are
   considered in selecting representative stocks, including historical price
   movement, market capitalization, transaction costs, and others.

   T. Rowe Price continually compares the composition of the fund to that of the
   index. If a misweighting develops, the portfolio is rebalanced in an effort
   to bring it into line with the index. When investing cash flow, the fund may
   purchase stocks, stock index futures, or stock options. This approach is
   intended to minimize any deviations in performance between the fund and
   index.

   The fund intends to remain fully invested during all market conditions. The
   fund may sell securities primarily to rebalance its portfolio or satisfy
   redemption requests.

   Further information about the fund's investments, including a review of
   market conditions and fund strategies and their impact on performance, is
   available in the annual and semiannual shareholder reports. To obtain free
   copies of any of these documents, call 1-XXX-XXX-XXXX.


 What are the main risks of investing in the fund?

   The fund is designed to track broad segments of the stock market--whether
   they are rising or falling. Markets as a whole can decline for many reasons,
   including adverse political or economic developments here or abroad, changes
   in investor psychology, or heavy institutional selling.

   Since the fund is passively managed and seeks to remain fully invested at all
   times, assets cannot be shifted from one stock or group of stocks to another
   based on their prospects, or from stocks into bonds or cash equivalents in an
   attempt to cushion the impact of a market decline. Therefore, actively
   managed funds may outperform this fund. In addition, fund returns are likely
   to be slightly below those of the index because the fund has fees and
   transaction expenses while indices have none. The timing of cash flows and a
   fund's size can also influence returns. Further, the use of sampling will
   likely result in some deviation from the fund's index. While there is no
   guarantee, the investment manager expects the correlation between the fund
   and the index to be at least .95. A correlation of 1.00 means the return of a
   fund can be completely explained by the return of an index.

   If the fund uses futures and options, it is exposed to additional volatility
   and potential losses.


   As with any mutual fund, there can be no guarantee the fund will achieve its
   objective.

  . The fund's share price may decline, so when you sell your shares, you may
   lose money. An investment in the fund is not a deposit of a bank and is not
   insured or guaranteed by the Federal Deposit Insurance Corporation or any
   other government agency.


 How can I tell if the fund is appropriate for me?

   Consider your investment goals, your time horizon for achieving them, and
   your tolerance for risk. If you seek a relatively low-cost way of
   participating in the U.S. equity markets through a passively managed
   portfolio and you would like to participate in the entire U.S. stock market,
   you may want to consider the fund. The fund should not represent your
   complete investment program or be used for short-term trading purposes.

   The fund can be used in both regular and tax-deferred accounts, such as IRAs.

  . Equity investors should have a long-term investment horizon and be willing
   to wait out bear markets.


 How has the fund performed in the past?

   There is no bar chart information or performance table information for the
   fund because it did not have a full year of performance for 1998.


 What fees or expenses will I pay?

   The fund is 100% no load. However, the fund charges a redemption fee of
   0.50%, payable to the fund, for shares held less than six months, and a
   quarterly maintenance fee of $2.50 for accounts of less than $10,000. There
   are no other fees or charges to buy or sell fund shares, reinvest dividends,
   or exchange into other T. Rowe Price funds. There are no 12b-1 fees. The fund
   has a single, all-inclusive fee covering investment management and operating
   expenses. This will not fluctuate.



 Fees and Expenses of the Fund

                       Shareholder fees (fees
                       paid directly from your           Annual fund operating expenses
                             investment)         (expenses that are deducted from fund assets)
                                     Account                                     Total annual
                       Redemption  maintenance    Management       Other        fund operating
                          fee        fee/a/          fee          expenses         expenses
                                                                                

  Total Equity Market    0.50%         $10         0.40%/b/          --            0.40%/b/
  Index Fund
 ------------------------------------------------------------------------------------------------------




 /a/A $2.50 quarterly fee is charged for accounts with balances less than
   $10,000.

 /b/ The management fee includes operating expenses.



   Example.  The following table gives you a rough idea of how expense ratios
   may translate into dollars and helps you to compare the cost of investing in
   this fund with that of other funds. Although your actual costs may be higher
   or lower, the table shows how much you would pay if operating expenses remain
   the same, you invest $10,000, you earn a 5% annual return, and you hold the
   investment for the following periods:



                                  
                   3 years      5 years     10 years
      1 year*         *            *            *

        $41           $            $            $
                     128          224          505
    ----------------------------------------------------



   * Does not include account maintenance fee for accounts of less than $10,000.


 Who manages the fund?

   The fund is managed by T. Rowe Price Associates, Inc. Founded in 1937, T.
   Rowe Price and its affiliates manage investments for individual and
   institutional accounts. The company offers a comprehensive array of stock,
   bond, and money market funds directly to the investing public.

   Richard T. Whitney manages the fund day-to-day and has been chairman of its
   Investment Advisory Committee since 1998. He joined T. Rowe Price in 1985 and
   has been managing investments since 1986.

 The following questions and answers about buying and selling shares and
 services do not apply to employer-sponsored retirement plans. If you are a
 participant in one of these plans, please call your plan's toll-free number for
 additional information.


 How can I purchase shares?

   Fill out and return a New Account Form in the postpaid envelope, along with
   your check. The minimum initial purchase is $2,500, ($1,000 for IRAs and
   gifts or transfers to minors) or $50 if investing through Automatic Asset
   Builder, our no-cost systematic investment plan for T. Rowe Price investors.
   The minimum subsequent investment is $100 ($50 for IRAs, gifts or transfers
   to minors, or


   Automatic Asset Builder). You can also open an account by bank wire, by
   exchanging from another T. Rowe Price fund, or by transferring assets from
   another financial institution.


 How can I sell shares?

   You may redeem or sell any portion of your account on any business day.
   Simply write to us or call. You can also access your account at any time via
   Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
   entire family of domestic and international funds. Restrictions may apply in
   special circumstances, and some redemption requests need a signature
   guarantee. A $5 fee is charged for wire redemptions under $5,000.


 When will I receive income and capital gain distributions?

   The fund distributes income, if any, quarterly and net capital gains, if any,
   at year-end. For regular accounts, income and short-term gains are taxable at
   ordinary income rates, and long-term gains are taxable at the capital gains
   rate. Distributions are reinvested automatically in additional shares unless
   you choose another option, such as receiving a check. Distributions paid to
   IRAs and employer-sponsored retirement plans are automatically reinvested.


 What services are available?

   A wide range, including but not limited to:

  . retirement plans for individuals and large and small businesses;

  . automated information and transaction services by telephone or computer;

  . electronic transfers between fund and bank accounts;

  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.


NEW ACCOUNT FORM                                   (LOGO)
You may purchase shares of a T. Rowe Price fund after
reviewing the information in the profile or after requesting
and reviewing the fund's prospectus (and other information).

Please note: an IRA will not be established using this form.
If you want to open an IRA, call 1-800-638-5660 to request
an IRA New Account Form.
Mail this form to: T. Rowe Price
P.O. Box 17300, Baltimore, MD 21298-9353

For help with this form, call toll free 1-800-638-5660.

Please do not remove the mailing label from this form.

1 PROVIDE YOUR TAX IDENTIFICATION NUMBER
Owner's or Minor's Social Security or Tax ID Number
(Use Minor's Social Security Number for Custodial Account)
_ _ _ _ _ _ _ _ _

Joint Owner's or Custodian's Social Security or Tax ID Number
_ _ _ _ _ _ _ _ _

2 DESIGNATE TYPE OF ACCOUNT AND OWNER NAME(S)
Please print in CAPITAL LETTERS. Choose one:
__   Individual or Joint Account.*
     *Joint tenancy with right of survivorship unless you instruct otherwise.
     Owner's Name (First, Middle Initial, Last)
    ________________________________
       Title: Mr. Ms. Mrs. Dr.

     Joint Owner's Name (First, Middle Initial, Last)
        ________________________________
        Title: Mr. Ms. Mrs. Dr.

__   Custodial Account.
       Uniform Gift or Transfer to Minors Act (UGMA or UTMA)
       Custodian's Name (First, Middle Initial, Last)
      ________________________________

       Minor's Name (First, Middle Initial, Last)
      ________________________________

       State of Residence (Minor's or Custodian's)
      ________________________________

__    Trust, Corporation, Business, or Other Entity Account.*
       *Please attach the first and last pages of the trust agreement or a copy
of
        the corporate resolution.
        Name of Trust, Corporation, or Other Entity
        _________________________________________________________

        Trustee Names or Type of Entity
         ________________________________________________________





        Name of Trust Beneficiary (Optional)        Date of Trust Agreement
     ________________                              __-__-__
                      month   day    year

__   Check this box if your organization is incorporated or tax-exempt under
        Section 501(a) of the Internal Revenue Code, a qualified retirement plan
        under Section 401(a), or a custodial account under Section 403(b)(7),
and
        you DO NOT want us to file information returns on your behalf.

3 PROVIDE YOUR ADDRESS
Street Address or P.O. Box
__________________________________________________
__________________________________________________

City                 State
____________________                          __

ZIP Code
_ _ _ _ _ - _ _ _ _

4 PROVIDE OTHER ACCOUNT DATA
Daytime Phone                               Ext.
_ _ _   _ _ _ - _ _ _ _                            _ _ _ _

Evening Phone                               Ext.
_ _ _   _ _ _ - _ _ _ _                            _ _ _ _

Date of Birth (Owner/Minor)

Date of Birth (Joint Owner/Custodian)
_ _ - _ _ - _ _                   _ _ - _ _ - _ _
month day year                     month day year

__ U.S. Citizen             __     Resident Alien
__ Nonresident Alien. My permanent foreign address for tax purposes is:
_____________________________________
_____________________________________
Owner's Occupation / Employer Name (Optional)
_____________________________________
Employer Address (Optional)
__________________________________________________________________________

5 SELECT YOUR FUND(S)
Please print the fund name(s) exactly as listed inside the Investment Kit you
received with this form. Fill in the amount of your investment for each fund.
The minimum initial investment is $2,500 per fund ($1,000 for UGMAs/UTMAs)
but is waived if you use Automatic Asset Builder (see Sections 6 and 7E).

Fund Name                                 Amount
__________________________________                $________

Fund Name                                 Amount
__________________________________                $________

Fund Name                                 Amount
__________________________________                $________





Fund Name                                 Amount
__________________________________                $________

     Total Investment$________


6 CHOOSE YOUR INVESTMENT METHOD

A.    __ By check.
       Make payable to T. Rowe Price Funds. (Otherwise it may be returned.)

B.    __ By Automatic Asset Builder.
       See Section 7E for instructions.

C.    __ By wire.
        Please call 1-800-225-5132 for the following information and wiring
        instructions:

     Account Number
     _ _ _ _ _ _ _ _ _ _ - _

     Date of Wire
     _ _ - _ _ - _ _
     month      day        year

 (over, please)
7 SELECT YOUR ACCOUNT SERVICE OPTIONS

A.   TO RECEIVE YOUR DISTRIBUTIONS
Your dividends and capital gains will be reinvested unless you indicate
                                                    ------
otherwise.

        __ Pay dividends and capital gains to me by check.
        __ Transfer dividends and capital gains to my bank account.
             (Please complete Section 7C if you elect this option.)
        __ Pay dividends to me by check and reinvest capital gains.

B.   TO EXCHANGE AND REDEEM FUND SHARES
You can use the telephone or your personal computer to check your account
balance, redeem shares, or make exchanges among any identically registered
accounts unless you check the boxes below.
         ------

     __ I do NOT want telephone/computer exchange.
     __ I do NOT want telephone/computer redemption.

C. TO MAKE TRANSFERS BETWEEN YOUR BANK AND T. ROWE PRICE
This service makes purchasing or redeeming fund shares even more convenient.
Simply call a T. Rowe Price representative or Tele*Access (R) and your
transaction
will be processed by electronically moving money between your bank
account and your mutual fund accounts.

Transfers occur only when you initiate them ($100 minimum) and are made
through the Automated Clearing House (ACH) network or by wire.* This service
becomes available approximately 20 days after your application is
processed. Since you initiate transfers by phone or computer, be sure that
you did not decline the phone/computer redemption service above.



     __ Check this box to set up this service. YOU MUST ALSO ATTACH A BLANK,
     VOIDED CHECK (other than your investment check) from your bank
     account to this form.

     Any co-owner of your bank account who is not a co-owner of
                                              ---
     your mutual fund account must sign below.

X___________________________________________
Bank Account Co-owner's Signature

*There is a $5 fee for wire redemptions under $5,000 but no fee for ACH
transactions.

            ATTACH VOIDED CHECK HERE
D. TO SET UP CHECKWRITING
You can write checks for $500 or more on all T. Rowe Price money market and
bond fund accounts (except the High Yield and Emerging Markets Bond funds).
Those authorized to write checks should read the checking agreement and sign
below.

By signing this form, I agree to all of State Street Bank's checking account
rules, and to any conditions and limitations on redeeming checks from the
T. Rowe Price Funds. I also agree that:

(1) This form applies to any other identically registered T. Rowe Price
fund checking account I establish later;

(2) If I am subject to IRS backup withholding, I may write checks only on
money fund accounts;

(3) State Street Bank and the Fund reserve the right to change, revoke, or
close any checking account;

(4) The signatures are authentic, and, for organizations, I have submitted
an original or certified resolution authorizing the individuals with legal
capacity to sign and act on behalf of the organization.

(Do not detach this section from the rest of the form.)

_____________________________________________________
Fund Name                               Fund Name
_____________________________________________________
Print Name of Owner, Custodian, or Trustee

X___________________________________________________
Signature                                   Date
_____________________________________________________
Print Name of Joint Owner, Co-trustee, Corporate Officer, etc.

X___________________________________________________
Signature                                   Date

How many signatures do you require on checks?
__ Only one owner                 __   All owners


                                  G00-008 6/30/98


E. TO SET UP AUTOMATIC ASSET BUILDER
This service allows you to automatically invest in your fund account through
your
bank account and/or payroll deduction each month (minimum $50 per fund).

___ Check this box to invest from your bank account.
       Be sure to complete Section 7C and fill in the information below.

Fund Name
__________________________________________________________________________

Amount                Day of Month You Would Like to Invest
__________________________________                ____

Fund Name
__________________________________________________________________________

Amount                Day of Month You Would Like to Invest
_____________________                        ___

Fund Name
__________________________________________________________________________

Amount                Day of Month You Would Like to Invest
_____________________                        ___

Fund Name
__________________________________________________________________________

Amount                Day of Month You Would Like to Invest
_____________________                        ___

____ Check this box to invest through payroll deduction.
         T. Rowe Price will mail you instructions for this service.

8 SIGN YOUR NEW ACCOUNT FORM
By signing this form, I certify that:

- - I agree to be bound by the terms of the prospectus for each fund in which
I am investing. If I am purchasing shares after reviewing a fund profile, I
understand that I will receive the prospectus after I purchase shares in the
fund. I have the authority and legal capacity to purchase mutual fund shares,
am of legal age in my state, and believe each investment is suitable for me.

- - I authorize T. Rowe Price, the Funds, their affiliates and agents to act on
any
instructions believed to be genuine for any service authorized on this form,
including telephone/computer services. The Funds use reasonable procedures
(including shareholder identity verification) to confirm that instructions
given by telephone/computer are genuine, and the Funds are not liable for
acting on these instructions. (If these procedures are not followed, it is the
opinion of certain regulatory agencies that the Funds may be liable for any
loss that may result from acting on instructions given.) I understand that
anyone who can properly identify my account(s) can make phone/computer
transactions on my behalf.

- - The Funds can redeem shares from my account(s) to reimburse a fund for
any loss due to nonpayment or other indebtedness.



- - By selecting the electronic transfer service in Section 7C, I hereby authorize
T. Rowe Price to initiate credit and debit entries to my (our) account at the
Financial Institution indicated and for the Financial Institution to credit or
debit the same to such account through the Automated Clearing House
(ACH) system, subject to the rules of the Financial Institution, ACH, and the
Fund. T. Rowe Price may correct any transaction error with a debit or credit
to my Financial Institution account and/or Fund account. THIS AUTHORIZATION,
including any credit or debit entries initiated thereunder, is in full
force and effect until I notify T. Rowe Price of its revocation by telephone
or in writing and T. Rowe Price has had sufficient time to act on it.

- - Under penalties of perjury, the tax identification number(s) shown on
this form is correct. If I fail to give the correct number or fail to sign this
form, T. Rowe Price may reject, restrict, or redeem my investment. I may
also be subject to IRS backup withholding (currently 31%) on all
distributions and redemptions, and I may be subject to a $50 IRS penalty.

- - Under penalties of perjury, I am NOT subject to IRS backup withholding
because 1) I have not been notified, or 2) notification has been revoked
(cross out "NOT" if you are currently subject to withholding), or 3) I have
indicated in Section 4 that I am a nonresident alien and certify that for
dividends I am not a U.S. citizen or resident (or I am filing for a foreign
corporation, partnership, estate, or trust).

- - For clarification on any of these certification issues, please contact us for
assistance.

- - The IRS does not require your consent to any provision of this document
other than the certifications required to avoid backup withholding.


PLEASE SIGN HERE

X__________________________________________________
Signature of Owner, Custodian, or Trustee         Date

X__________________________________________________
Signature of Joint Owner, Co-trustee, Corporate Officer, etc.   Date

Thank you for your investment. You will receive a confirmation shortly.
8
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